Robber Reeves Wants To Amalgate 86 Council Pension Funds.

Governments are not famous for managing money M0nica, or for choosing the best people for a job.

Mollygo

^This seems to be so obvious I dont now how people carry on grumbling - recruit the best managers from schemes already working well.^

Absolutely if that is what would happen.

Why should it not.

This seems to be so obvious I dont now how people carry on grumbling - recruit the best managers from schemes already working well.

Absolutely if that is what would happen.

I am sorry I forgot to put the link to the long list of failed pensions chemes taken on by the Pension Protection Fund. Here it is www.ppf.co.uk/Schemes . Have a look. I only looked at companies beginning with 'A' There wereover 100 of them.

Mollygo These funds will continue to be managed by the same people who manage them now.

My occupational pension comes from British Gas. It is worth £10 billion and is the seventh largest in the country, Over the 20 or more years I have been drawing my pension it has always managed it well.

All Rachael Reeves wants to do is group smaller pensions with smaller funds and less flexibility into bigger groups with large invested funds to help support investment in the UK and protect the pensions of the members of the saller schemes.

Ilovecheese

Mollygo

Where will those with the expertise to manage funds like that come from?

Hopefully not from Government cronies.
The GMPF seems to be well managed, maybe look at the best managers from the existing model and recruit them to the new model.

This seems to be so obvious I dont now how people carry on grumbling - recruit the best managers from schemes already working well.

Yet another inflammatory, ill informed thread started for political reasons. I do wish people would do just a little research. Obviously we all have our opinions, but to see everything that this new administration suggests as some part of a sinister, communist conspiracy doesn't lead to intelligent debate.

love0c

Remember Robert Maxwell? Keep your mits off our pensions! Leave it to the people who are trained professionals! Rachael you are not one of them!

Rachel Reevesmerely intends to form bigger schemes with larger funds. They will still be managed by trained professionals.

Hereis a list of all the pension schems that have had to be vested in the government Pension Protection Sheme, because companies failed and pension schemes had not been properly invested or funded, hundreds of them.

Comsider them all and say why you think these small schemes with doubtful investments would be worse off in larger schemes with serious heavy weight pension trustees that really understand their job.

welbeck

Isn't it more cost effective to have larger funds.
Less spent on admin so the funds should be more productive thus benefitting the pensioners.
Are the complainants above currently in receipt of LA pensions?
If not why does it bother them so much?

Isn't it nice that so many people are concerned for those of us in the LGPS. I mean we normally get abuse for our pensions and now everyone is worried for us.

Grantanow

Is it not the case that any shortfall in the pensions payable caused by inadequate investment income has to be made up to the benefit of the LG pensioners from Council Tax receipts? Has this happened so far? Would Reeves' plan increase that risk?

Who knows but I do remember when the LGPS I was in was so flush with money in the 80s that the council was allowed to avoid some (or maybe all) their contributions for a year. Wish I'd been allowed to have a free year.

Remember Robert Maxwell? Keep your mits off our pensions! Leave it to the people who are trained professionals! Rachael you are not one of them!

Is it not the case that any shortfall in the pensions payable caused by inadequate investment income has to be made up to the benefit of the LG pensioners from Council Tax receipts? Has this happened so far? Would Reeves' plan increase that risk?

welbeck

Isn't it more cost effective to have larger funds.
Less spent on admin so the funds should be more productive thus benefitting the pensioners.
Are the complainants above currently in receipt of LA pensions?
If not why does it bother them so much?

Because they may well have family members, like I have, who may well be affected if this goes , well better not say it on here, but ends with "up".

welbeck

But those schemes that lost people's money were private not local government ones.
Why should amalgamating small LG schemes affect private pensions.

That's OK then, they were private. That doesnt matter !!!!

This is from the LGPS website and explains how the scheme is run:
www.lgpsmember.org/about-the-lgps/how-the-lgps-is-run/
The whole website has clear, factual information.
The Border to Coast Pensions Partnership, based in Leeds, is currently the largest group within the LGPS.

You’ve hit the nail on the head karmalady. I haven’t had the kahunas to say that, but you are so right. So much of it smacks of communism. All the rights we absentmindedly ‘give away’ or are pushed roughshod into, like this one, are rights and choices we will never get back.

I think there is some misunderstanding as to how these schemes are run.

Mollygo

Where will those with the expertise to manage funds like that come from?

Hopefully not from Government cronies.
The GMPF seems to be well managed, maybe look at the best managers from the existing model and recruit them to the new model.

Where will those with the expertise to manage funds like that come from?

But those schemes that lost people's money were private not local government ones.
Why should amalgamating small LG schemes affect private pensions.

Freya5

Mamie

Freya5

MissInterpreted

vegansrock

I think it’s any excuse to bash the government.

Absolutely especially considering the Tories were already looking at doing something similar.

Maybe,but they are not in GOV now, are they. Just think of the shouts if Tories had got this idea from Labour.
Seeing as this current Gov are more interested in taking money from working folk, including farmers, I wouldn't trust them to make a success of this at all.

I don't know if you are in the LGPS scheme Freya5, but I have always been very impressed by the communications and efficiency of the scheme. I can't see this changing - it is not a fragmented organisation and I have every confidence that just as it already works to group together LAs for mutual benefit, it will continue to work for all LAs. Obviously if you have detailed information on the possible negative impact of the proposals then it would be helpful to share your insights.

No I am not paying into any pension scheme, now. Perhaps you'd like to explained how this is going to protect people's hard won pension Pots. I very well remember my Aunt and brother losing a lot of money, 300,00 in the last pension scam in late 80s. There will need to be extensive guarantees, to ensure the Gov dont do this at the expense of peoples pensions.

I have been drawing my LGPS pension for fifteen years Freya5. This is the Local Government scheme, long established, respected and very efficient. I can only draw conclusions from my direct experience and I see no need to be concerned about unevidenced, politically motivated scaremongering.

Freya
There will need to be extensive guarantees, to ensure the Gov don't do this at the expense of peoples pensions.

I think that’s the real concern, regardless of who is in power or who has the idea.

Mamie

Freya5

MissInterpreted

vegansrock

I think it’s any excuse to bash the government.

Absolutely especially considering the Tories were already looking at doing something similar.

Maybe,but they are not in GOV now, are they. Just think of the shouts if Tories had got this idea from Labour.
Seeing as this current Gov are more interested in taking money from working folk, including farmers, I wouldn't trust them to make a success of this at all.

I don't know if you are in the LGPS scheme Freya5, but I have always been very impressed by the communications and efficiency of the scheme. I can't see this changing - it is not a fragmented organisation and I have every confidence that just as it already works to group together LAs for mutual benefit, it will continue to work for all LAs. Obviously if you have detailed information on the possible negative impact of the proposals then it would be helpful to share your insights.

No I am not paying into any pension scheme, now. Perhaps you'd like to explained how this is going to protect people's hard won pension Pots. I very well remember my Aunt and brother losing a lot of money, 300,00 in the last pension scam in late 80s. There will need to be extensive guarantees, to ensure the Gov dont do this at the expense of peoples pensions.

Seems that Britain has announced a new plan to merge many local English and Welsh pension funds into one king-sized “megafund.”

The planned merger will combine 86 pension funds holding about £80 billion of British workers’ retirement savings – the hope is that pooling those funds will allow the “megafund” to unlock new opportunities to make more money for its investors.

“Larger pension schemes can help achieve better outcomes for savers through economies of scale, stronger governance, negotiating power and additional resources,” said one pension policy expert. According to government projections, the combined pension fund is expected to manage assets worth £500 billion by 2030.

Freya5

MissInterpreted

vegansrock

I think it’s any excuse to bash the government.

Absolutely especially considering the Tories were already looking at doing something similar.

Maybe,but they are not in GOV now, are they. Just think of the shouts if Tories had got this idea from Labour.
Seeing as this current Gov are more interested in taking money from working folk, including farmers, I wouldn't trust them to make a success of this at all.

I don't know if you are in the LGPS scheme Freya5, but I have always been very impressed by the communications and efficiency of the scheme. I can't see this changing - it is not a fragmented organisation and I have every confidence that just as it already works to group together LAs for mutual benefit, it will continue to work for all LAs. Obviously if you have detailed information on the possible negative impact of the proposals then it would be helpful to share your insights.

MissInterpreted

vegansrock

I think it’s any excuse to bash the government.

Absolutely especially considering the Tories were already looking at doing something similar.

Maybe,but they are not in GOV now, are they. Just think of the shouts if Tories had got this idea from Labour.
Seeing as this current Gov are more interested in taking money from working folk, including farmers, I wouldn't trust them to make a success of this at all.